Every business is required by HMRC to do bookkeeping and keep records .
Software Packages for efficient Bookkeeping
There are many accounting software packages available for the bookkeeping needs of a small business such as Sage, Xero, Quickbooks etc. However the packages are only as good as the person who uses them. Many business owners buy the package then have trouble finding the time to understand them properly. They then either use them badly or not at all.
HMRC is working towards making all businesses keep their records digitally . A spreadsheet will do for now if you do not want the expense of software but the future will be digital.
Expenses- good recording needed
As a business owner you want to record everything you are allowed to. If you do not do this you will pay too much tax to HMRC . No one wants to do that.
We will discuss with you what you can claim and what you cannot because this is not always obvious from the software
Tax returns have to be submitted annually to HMRC. We can prepare your self assessment tax return for you . These are due by the 31st January 2018 for the tax year 2016-17
All businesses need to be paid and in a good period of time to ensure good cash flow and continued survival. You can learn :
- What the business owner needs to put on invoices to avoid problems
- How to keep track of who has paid you and make sure you are paid for your work.on time
Note : Accurate records can lead to cheaper accountants fees as there is less work for your accountant to do if all the paperwork presented to them is in order.